Tether International has lifted its stake in Metalla Royalty & Streaming to about 14%, buying 149,116 shares at US$9.14 each for US$1.36 million and taking its holding to 13.2 million shares out of 93.5 million outstanding. Metalla’s nearly 100 royalties and streams include a 1.5% royalty over part of Iamgold’s Côté gold mine and the Gosselin deposit in Ontario, plus exposure to First Quantum’s Taca Taca and Hudbay’s Copper World projects. The move extends Tether’s 2025–26 strategy of shifting crypto-derived capital into gold-linked royalties, alongside its 32% stake in Elemental Altus and more than 146 tonnes of physical gold.

Copper for September delivery on Comex briefly hit a record $6.7140/lb ($14,802/t) as a tame US inflation print eased rate fears and a tight physical market drove LME cash copper to a $207.50/t backwardation over three-month prices, the widest of 2026, with LME stocks down 14% since end-July to 214,550 t. Supply pressure is compounded by Chile cutting its production forecast again and Indonesia’s Gresik smelter, which treats Grasberg ore, remaining offline after an 8 August boiler leak. On the project side, Sweden’s government cleared Boliden’s Laver concession appeal, unlocking environmental permitting for a 849.5 Mt deposit grading 0.24% Cu, while Bougainville authorised Lloyds Metals & Energy to study reopening Panguna, with 5.3 Mt Cu and 19.3 Moz Au in remaining reserves.

Gold futures in New York briefly hit $4,502.70/oz on Wednesday, a two‑month high, as US CPI came in at 0.1% m/m and 3.4% y/y and core inflation slowed to 2.5%, trimming near‑term Fed hike odds and pulling two‑year Treasury yields down to 4.18%. Spot gold traded around $4,422/oz, with Ole Hansen of Saxo Bank flagging $4,200 as key support and the 200‑day moving average just below $4,500 as major resistance, while Comex September silver touched $66.98/oz and CME prepared 24/7 trading for 100‑oz silver futures. Gold and silver miners have rallied sharply, with Eldorado Gold up 33% month‑to‑date, Equinox Gold 29%, and Newmont 26%, versus a 9% move in bullion and SPDR Gold Shares.